This must be a quick slide. Amazingly, according to DocSend, people spend more time on the Purpose Slide than the Problem Slide. In fact, there is only one less important slide in the deck (and that’s the Solution).
So how to make it quick and simple but still have punch and cut-through.
When I was running a Business Angel Network, I was always looking to discover three things:
Feeling, quantum and ownership.
Feeling: How much you feel the problem? According to the Startup Genome report the top success factor is founders who are driven by impact of solving the problem. When it is a problem the founder experiences themselves this can enhance the passion and commitment to resolving the problem. Second to this is products/services designed because of research into solving a current problem better.
Quantum: How many people are likely to identify and suffer with the problem? An investor will judge your ability to articulate the problem and whether it is too broad or too narrow. Remember, a product for everyone is bought by no-one.
Ownership: Once you have identified the problem, an investor will be thinking about how you will own that problem space. This is so that in the future anyone who needs to solve the problem resolved comes to you. Owning the problem gives you the opportunity to innovate and separate yourself from the competition.
So now you know the importance of being able to succinctly describe a problem you can own, can you do it in ten words?